PPI Wallet transactions of over ₹2,000 on UPI to attract 1.1% charge from April 1
The Hindu
Starting April 1, 2023, merchant transactions over ₹2,000 done through PPI wallets on UPI will attract an interchange charge of 1.1%.
Starting April 1, 2023, merchant transactions over ₹2,000 done through Prepaid Payment Instrument Wallets (PPI Wallets) on UPI will attract an interchange charge of 1.1%. This has been allowed by National Payments Corporation of India (NPCI) which governs UPI.
However, there will be fee to be charged for normal UPI transactions.
The Interchange fee is generally associated with card payments to cover transaction cost.
In a statement, NCPI said as per recent regulatory guidelines, the PPI Wallets have been permitted to be part of interoperable UPI ecosystem.
“The interchange charges introduced are only applicable for the PPI merchant transactions. And there is no charge to customers.”
“It is further clarified that there are no charges for bank account to bank account based UPI payment (normal UPI payments),” NPCI said.
Banks remained tight lipped to comment on this isssue.
MTNL shares surge 18% after earning ₹2,134.61 crore from land monetisation, government informs Parliament. Market benchmarks rise.
February 2025 saw a 2% increase in passenger vehicle sales in India, with upcoming festivals expected to boost demand.
Fitch Ratings revises outlook on Adani Group entities to Stable, affirms 'BBB-' rating, and takes rating action on other bonds.
Equity market benchmarks Sensex and Nifty rise on strong domestic data and global trends, led by ICICI Bank and Reliance: Follow The Hindu’s updates on the Sensex and Nifty
Scopely will pay $3.5 billion to acquire Niantic’s game unit, including the studio behind Pokemon Go.
Follow The Hindu’s updates on the rupee : Mumbai forex analysts report on rupee's gains against the dollar amid global tariff tensions and economic data.
The U.S. Federal Trade Commission is moving ahead with an antitrust probe of Microsoft, Bloomberg News reported.
Intel hires semiconductor industry veteran Lip-Bu Tan as CEO to revive struggling company amid leadership changes and financial challenges.
Nandan Nilekani predicts India as top IPO market by 2035 with 1 million startups and $8 trillion economy potential.
BNW Developments partners with Taj to bring luxury living to UAE's Al Marjan Island, Ras Al Khaimah.
Equity indices Sensex and Nifty close lower amid global economic concerns, with IT and telecom stocks leading the decline.
Rupee closes at 87.19 against US dollar amid tariff uncertainties, crude oil prices, and global market volatility.
NCLAT rejects IRDA pleas against Shriram Group insurance arm mergers, citing no statutory bar under Insurance Act.